TERMS OF TRADE

Logan Stone Limited (the Company) shall perform the Services agreed to in the specific Scope of Works for each assignment instructed (the Agreement). The Consumer Guarantees Act 1993 is contracted out of in so far as the transaction is a business as defined in that Act.

In providing the Services the Company shall exercise the degree of skill, care and diligence normally expected of a competent professional valuer / property specialist.

Logan Stone accepts instructions in good faith and will provide a Scope of Works. The instructing party, whether an individual, partner, director, company officer, shareholder or agent, (the Client) is deemed by the Company to be authorised to provide such instructions. If no such authority exists the instructing party will be deemed to be the Client and will be liable for any costs of services and expenses incurred in undertaking the assignment including cost of recovery.

The Client shall provide to the Company, free of cost, as soon as practicable following any request for information, all information in his or her power to obtain which may pertain to the services. The Company shall not, without the Client’s prior consent, use information provided by the Client for purposes unrelated to the services. In providing the information to the Company, the Client shall ensure compliance with the Copyright Act 1994 and shall identify any proprietary rights that any other person may have in any information provided.

The Client shall pay the Company for services and expenses at the times and in the manner set out in the Agreement. Where the Agreement has been entered into by an Agent (or a person purporting to act as an Agent) on behalf of the Client, the Agent and Client shall be jointly and severally liable for payment of all accounts due to the Company under this Agreement.

All amounts payable by the Client shall be paid within fourteen (14) working days of the date of the relevant invoice. Late payment shall constitute a default and the Client shall pay default interest on overdue amounts from the date payment falls due to the date of payment at the rate of twelve percent (12%) per annum. Where overdue accounts are referred to a debt collection agency the Client shall pay the collection costs.

Where services are carried out on a time charge basis, the Company may purchase such incidental goods and/or services as are reasonably required for the Company to perform the services. The cost of obtaining such incidental goods and/or services shall be payable by the Client. The Company shall maintain records which clearly identify time and expenses incurred.

Neither the Client nor the Company shall be considered liable for any loss or damage resulting from any occurrence unless a claim is formally made on him or her within six years from completion of the services.

The Company shall only be liable to the Client, either in contract or in tort, for direct loss or damage suffered by the Client as the result of a breach by the Company of his or her obligations under this Agreement.

The Client may order variations to the services in writing or may request the Company to submit proposals for variation to the services. Any variation may require a review of the delivery time and/or the quoted or estimated fee.

The Company shall retain copyright of all intellectual property prepared by the Company. The Client shall be entitled to use such property or copy it only for the purpose for which it is intended. The ownership of data and factual information collected by the Company and paid for by the Client shall, after payment by the Client, lies with the Client.

The Client may suspend all or part of the services or terminate the Agreement by written notice to the Company, who shall immediately make arrangements to stop the services and minimise further expenditure. Suspension or termination shall not prejudice or affect the accrued rights or Claims and liabilities of the parties.

Any dispute, difference or question arising between the parties in relation to this agreement (which they have been unable to resolve between themselves) shall be referred to the arbitration of a single arbitrator in accordance with the Arbitration Act 1996 (the Act). The arbitrator shall be agreed on by the parties, or failing agreement, shall be nominated by the President for the time being of the Hawke’s Bay District Law Society or his nominee. The arbitration will be held in Hastings and determined in accordance with the provisions of the Act. The arbitrator’s decision shall be final and binding on both parties.